social security, medicare, medicaid. they will get stuck for the bill. the unfunded liabilities are staggering. very conservative estimate. just the gap between what they're going to tax and what they're going to have to spend. john: no money in anybody's accounts. it's just a promise and there are more old people who expect to get our health care paid for. >> the so-called trust fund is an i/o you. it is in a file drawer in west virginia. it says i/o you. $80 trillion. john: these college students have to pay for it, and their just aren't enough of them because people my age wrigley refused to die. >> well, that is one way to look at it. but even setting aside the life span going up, the system was broke the date was established because it is a pay-as-you-go system. if any private company, insurance company, investment scheme had this financial structure, there ceo would be in prison. in fact, bernie madoff is in prison. he could have been had a social security. [applause] john: after the welfare state. what are they supposed to do? >> the first thing i